Don't Shrink Your Retirement Plan Contributions Right Now -- Ramp Up

The COVID-19 outbreak has affected many people's finances for the worse. Millions of workers out of a job, and many of those who are still employed have seen their hours reduced.

Self-employed workers are feeling the pain, too. Many have seen business decline as consumers change their lifestyles and attempt to conserve funds, while others have seen a drastic drop in productivity from having to work and mind their children simultaneously.

Throw in the fact that the stock market has been battered on and off by the ongoing crisis, and it certainly makes the case for scaling back on 401(k) or IRA contributions. After all, with the economy being so shaky, is now really the ideal time to be maxing out a 401(k) or IRA, or getting as close as possible?

Continue reading

Source Fool.com